Horace Mann Educators (HMN) FY2025 results: revenue $1.7 billion, up 6.7% on the year
Horace Mann Educators Corp. (HMN) reported revenue of $1.7 billion for fiscal 2025, the year ended 31 December 2025, up 6.7% on the year before. Net income was $162 million, up 57.7%, and diluted earnings per share $3.90. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.7 billion
+6.7% on the year
FY2018FY2025
Operating margin
11.8%
8.1% a year earlier
FY2018FY2025
Net income
$162 million
+57.7% on the year
FY2018FY2025
Diluted EPS
$3.90
+57.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Exhibit defines measures, gives no figures: The exhibit is a glossary of non-GAAP and operating measures. It gives no quarterly revenue, earnings, premium or ratio figures for the fourth quarter of 2025.
Core earnings excludes specified items: Core earnings is consolidated net income excluding after-tax net investment gains or losses, legacy commercial exposures, intangible amortization, impairments, discontinued operations and market risk benefit changes.
Combined ratio is loss plus expense ratio: The combined ratio is the loss ratio plus the expense ratio. A figure below 100% generally indicates profitable underwriting before net investment income.
Underlying ratios remove catastrophes and reserve development: Underlying loss and combined ratios remove catastrophe losses and prior years' reserve development. Management says these can vary significantly between periods.
Reserve development measured for P&C only: Prior years' reserve development shows the increase or decrease in net incurred claim reserves at successive valuation dates. The company reports it for its Property & Casualty segment only.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
553
452
302
+22.4%
Cash from investing
-252
-136
-107
Cash from financing
-312
-308
-208
Depreciation and amortisation
27.1
26.4
26.2
+2.7%
Share-based compensation
10.2
9.9
9.5
+3.0%
Dividends paid
57.1
55.5
53.9
+2.9%
Dividend per share
$1.40
$1.36
$1.32
+2.9%
Diluted shares, weighted
42m
42m
41m
+0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,483
1,288
1,175
+15.2%
Debt
593
547
546
+8.5%
Other liabilities
13,190
12,653
12,329
+4.2%
Total liabilities and equity
15,267
14,488
14,050
+5.4%
Fixed assets
70.8
73.4
68.6
-3.5%
Goodwill
54.3
54.3
54.3
0.0%
Intangible assets
142
156
170
-9.2%
Cash and equivalents
27.5
38.1
29.7
-27.8%
Other assets
14,972
14,166
13,727
+5.7%
Total assets
15,267
14,488
14,050
+5.4%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.